Warren Buffett says people should not panic about U.S. banking industry, safety of deposits

Warren Buffett on Wednesday said people should not be panicked about the banking industry or the safety of U.S. bank deposits, despite the recent failures of Silicon Valley Bank and Signature Bank.said that while more banks will fail, the industry’s recent problems do not resemble those that helped trigger the 2008 global financial crisis.

Over the next nine days, Signature Bank failed, First Republic Corp received a $30-billion deposit infusion from other banks, and Credit Suisse Group AG agreed to be sold to rival UBS AG. The Federal Deposit Insurance Corp insures deposits for up to at least $250,000 per depositor per FDIC-insured bank.

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